(a)
Identify the
(a)
Explanation of Solution
The unemployment rate can calculated by using the following formula:
The labor force is sum of the unemployed group and the employed group. Therefore, since total labor force is 153.7 million and the employment is 139.1 million, the number of people unemployed is 14.4 million
Substitute the values into Eqution-1, to get the value of unemployment rate as follows:
Thus, the unemployment rate is 9.49 percent.
Unemployment rate: The unemployment rate indicates the percentage of population that is without jobs but actively seeking employment.
(b)
Identify the labor force participation rate.
(b)
Explanation of Solution
Since the working age population is 254 million and the labor force is 160 million, the labor force participation rate can be calculated as follows.
Thus, the labor force participation rate is around 63 percent.
Labor force participation rate: The labor force participation rate indicates the percentage of the population that is in the labor force.
(c)
Identify the employment-to-population rate.
(c)
Explanation of Solution
Since the working age population is 237.9 million and the number of people employed is 139.1 million, the employment-to-population rate can be calculated as follows.
Thus, the employment-to-population rate is 58.46 percent.
Employment-to-population ratio: The employment–to-population ratio indicates employment as a percentage of working age population.
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